Central Oregon Real Estate Market Report from June 2023

High-End Sales Drive Bend Market; Redmond Holds Steady

The Bend SFR market, with a median sale price of $785k, saw a significant 24% of transactions in the $1M+ range, demonstrating consistent growth in this high-end segment compared to 5% back in July 2019. New building permits reached a peak since June 2022, reflecting increased interest in new construction. However, while monthly shifts are evident, the long-term trend remains key in assessing market direction.

Redmond's market has been stable, maintaining around a two-month inventory supply, with most sales and listings occurring in the $450k-$600k price range. Smaller market areas are seeing inventory increases, notably La Pine with a five-month supply.

Freddie Mac reports, "As inflation slows, mortgage rates decreased this week. Still, the ongoing shortage of previously owned homes for sale has been a detriment to homebuyers looking to take advantage of declining rates. On the other hand, homebuilders have an edge in today’s market, and incoming data shows that homebuilder sentiment continues to rise."

Mike Simonsen of Altos Research adds, "Will home prices hold up for the rest of 2023? The data points to Yes. 33.1% of the market has had price reductions. Very normal. Homes that take a price cut now, get offers in Aug, close in Sept & Oct. So we see price support for most of the rest of the year. We're looking at finishing 2023 with lower inventory and higher sales…”

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BEND AREA
$785,000
Median Price
13 Days on Market

REDMOND AREA
$473,000
Median Price
16 Days on Market

JEFFERSON COUNTY
$369,000
Median Price
6 Days on Market

SUNRIVER
$1,125,000
Median Price
6 Days on Market

LA PINE
$429,000
Median Price
27 Days on Market

SISTERS
$773,000
Median Price
14 Days on Market

CROOK COUNTY
$400,000
Median Price
21 Days on Market

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Thank you to Beacon Appraisal Group for compiling this report. Prepared by Donnie Montagner with information from the MLS of Central Oregon with permission from COAR.

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Just Listed: This adorable stick built single level home sits on over 1/3 acre in Bend!

This adorable stick built single level home sits on over 1/3 acre in Bend

Home is 3 bedrooms, 2 full bathrooms and a 2 car attached garage. Some updates have been done to this cute 1973 built home, but still has room for your personalization. The large yard is a blank canvas for your garden or landscaping ideas. Home is near shops, restaurants, parkway access and less than 2 miles to the new Alpenglow Community Park.

Listed by Rhianna Basye for West + Main Homes. Please contact Rhianna for current pricing + availability.

 

Have questions?
West + Main Homes
(405) 652-6635
hello@westandmain.com

Presented by:
Rhianna Basye
503-318-8452
rhianna@homesbyrhianna.com

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Just Listed: Impeccable, well maintained NW Redmond home boasts 4 bedrooms and 3 full bathrooms!

Impeccable, well maintained NW Redmond home boasts 4 bedrooms and 3 full bathrooms!

Large open layout offers a bedroom/office and full bathroom on the main floor. Beautiful great room with vaulted ceilings and tons of natural light with cozy stone fireplace. Large kitchen with breakfast bar & pantry flows into informal dining room which overlooks expansive patio/backyard. Upstairs features 3 additional bedrooms and large bonus room/5th bedroom. Primary bedroom features a spacious en suite with amazing jetted tub, separate shower, and large closet. 3 car tandem garage has room for all your toys + storage! Nestled in the Fieldstone Crossing neighborhood, you'll have access to trails, playground, covered pavilion, and community pool! This well appointed .19 acres corner lot is fully landscaped with a fenced backyard and additional space for RV Parking.

Listed by Elizabeth Lopez for West + Main Homes. Please contact Elizabeth for current pricing + availability.

 

Have questions?
West + Main Homes
(405) 652-6635
hello@westandmain.com

Presented by:
Elizabeth Lopez
425-281-7111
elizabeth@westandmainoregon.com

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This Weekend: Oregon Open Houses for July 21st - 23rd

Our agents are hosting Open Houses this weekend all over the Central Oregon Area.

You can find all of these listings on our website. Please reach out to the listing agent for information on times and more information on the listing!

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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U.S. Housing Starts Fall 8% in June, Biggest Drop in a Year

The numbers: Construction on new homes fell 8% in June, as U.S. homebuilders sharply slowed down starting on new single-family homes and focusing on finishing existing projects.

Housing starts fell to a 1.43 million annual pace last month from 1.56 million in May, the government said Wednesday. The data measures how many houses would be built over an entire year if construction took place at the same rate in every month as it did in June.

The pace of construction in June slowed from a jump of nearly 16% the previous month. The jump in housing starts in May this year was only eclipsed by a surge in construction in March 2021.

Economists on Wall Street were expecting a sharper drop of 9.2%. All numbers are seasonally adjusted. The last time housing starts fell by this much was in July 2022.

Both single and multi-family construction fell in June, as home builders pulled back on new construction to focus on finishing and selling existing inventory.

But keen interest from would-be home buyers is creating strong demand for new homes. These buyers continue to face a lack of options in the resale market for existing homes.

The drop in construction this summer was led by the Midwest, which saw housing starts drop by 33%.

Building permits, a sign of future construction, fell 3.7% to a 1.44 million rate.

Key details: The construction pace of single-family homes fell by 7% in June, and apartment building fell by 11.6%.

Home builders pulled back the most in the Midwest, where housing starts fell by 33%. That comes after a surge in building in May of 67%.

The only part of the U.S. where housing starts rose in June was in the West, where housing starts rose by 4.6% for single-family homes.

Permits for single-family homes rose by 2.2% in June, while permits for buildings with at least five units or more dropped by 13.5%.

Big picture: At the end of spring, builders revved up construction on single-family homes as the weather warmed up. Housing starts jumped nearly 16% in June, according to the government’s data.

But this summer, they’re not pulling back due to weak demand. They appear to be focusing on finishing those projects. 1.68 million homes were under construction as of June, which is the highest level since February.

Demand for new homes continues to be strong, and builders continue to pull back on sales incentives such as price cuts, the National Association of Home Builders reported on Tuesday.

What are they saying? Single-family housing starts have been strong in May and June, Stephen Stanley, chief U.S. economist at Santander U.S. Capital Markets, wrote in a note.

Given that single-family home-building is still elevated this spring and summer, “this adds to the evidence that housing activity is, at a minimum, bottoming out after a rough second half of 2022,” he added.

“Overall, the cooling in building and permit issuance is a good sign for the Fed that is looking to limit housing market activity in an effort to contain inflation,” Katherine Judge at CIBC Economics, wrote in a note.

Keep reading.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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